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Spanish Property - How Much Would You Pay To Own One

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The best one is http://www.idealista.com/ - it has good mapping and good coverage for all of Spain (it's the Spanish equivalent to Rightmove)

http://www.fotocasa.es/ is ok, but it's a bit clunky

If you are mainly interested in coastal/expat property then http://www.kyero.com/ and Rightmove are more dedicated to these markets, but they don't have mapping (in the case of Rightmove I guess it's because the agents don't like telling people where the property is)

Just placing these links here, for I struggle to find them when I occasionally consider a sabbatical living/renting in Spain for 6 months - 1 year vs chronic hpi here in UK.

Other resources/info

http://www.eyeonspain.com/

http://thisisspain.info/

http://www.spanishpropertyinsight.com/

(Described by others as equivilent of HPC forum but in Spain)

http://www.burbuja.info/inmobiliaria/index.php

News:

http://www.surinenglish.com/

http://www.theolivepress.es/

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Given newbuilds are being released with 100% mortgages and big discounts, those private sellers are now looking at year 2002 prices. A 3 bed detached Villa in Estepona on the CDS....€170,000. Clearly older couple wanting to return to UK. A few years ago these were fetching €400k+ (Crazy Prices). Starting to get to a price where I would buy, especially with the exchange rate at 1.20+. Main concern is Tax in Spain....

http://www.barringtonhomes.eu/Estepona-Property/Buenas+Noches-S009.htm

N.

Friends of ours who went to live in S Spain in 2002 have recently come back - sold their house for the same price they paid for it in 2002 - and counted themselves lucky to sell it at all.

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The house I put pictures up a few post ago, sold 3 months later, I think that was a good deal. In the end the area was just not prime enough for me to weather another crisis. So still looking around and still seeing striped down places for way too much money. Oh and do I love google maps where you can go back in time to see what has happened to the area.

Here is another home way too expensive and stripped down - http://www.habitaclia.com/comprar-casa-carrer_del_migdia_6_buen_estado-roca_del_valles-i9417002111806.htm

On the market for €550K, I think it would need to go to under €300K for me to be interested.

I am researching Barcelona and surroundings, so if you have any questions feel free to ask.

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Costa Del Sol Update. Asking prices creeping up but market still depressed even in best areas. I just got an email saying that the next phase of bank repos is being released with 115% Mortgages attached. Crazy is back. Most of these are non prime Brit built flats in wrong location.

Villas still very depressed. I am looking at properties and still thinking overpriced! Rental is approx. 2% of value so why buy, prices will be depressed for many years to come. Build quality is shocking as well. I know someone who got a 115% mortgage 3 bed flat in Estepona for €200k (overpriced in the last phase 2011 releases). Has now spent €15k rectifying build issues like electrics, plumbing, leaks. Lifts do not work, pool not filtering....crazy buy. Keep clear or rent. Limited Jobs as well except in Gib or in Tech.

N.

Edited by Nautorius

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I am researching the Spanish market that seems to have bottomed out. I have the following tips for would be buyers.

  1. Do your own research and look at a lot of properties - The market in Spain is notoriously non transparent, there is no open registery where you can find sold prices. You have no idea what a good low price is. Only by visiting many properties and tracking them you get an idea of where the prices are. Some houses easily sit on the market for 2-3 years and now that the economy is going slightly better the first thing they do is raise the prices (are they nuts). To give you an idea I have seen 2 properties next to each other one is in slightly better condition, both houses are huge, 8 bedrooms. One is selling for 400k the next door one want over 1800K. Lots of sellers are not forced and still live in 2008 dreamland pricing.
  2. Advertised sqm mean nothing and are a total made up number. When you visit a house take an electronic measurement device and measure yourself. You will be surprised how small it is.
  3. Homes before 2002 may have bad wiring or electrical systems as there was no proper certification.
  4. Homes can be poorly insulated, If you stay only in the hot months that is OK, but winters even down south do get cold.
  5. Back repossessed property is not always good value and banks still keep valuations high as not to take a write down on their books. You should certainly negotiate with them and not be intimidated. Back it up with what your research says.
  6. When it comes to flats or houses with a community ask about the community fund and if every owner has paid up.
  7. Spend money on getting good legal advice upfront it can save you lots of money later on.

Identify at least 5 to 10 house or flats you would want to buy, now make low offers of 30-35% discount and use the knowledge that you have gained with your research. A recent report says that average asking prices are 21% higher than the final sale price. These are averages and boom towns like Barcelona, Madrid, Balearic Islands and Marbella are seeing less of a discount which means other areas see even higher discounts than the 21%.

 

Good luck and feel free to ask me a few questions. 

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8. As a citizen of a non-EU country you can and will be subject to draconian tax treatment with no recourse in law.

9. As a citizen of a non-EU country you will not have a right to reside or even visit the EU,

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I think for point (9) you'll need a valid visa that allows residence for a fixed period. Months or Years. But not eternally.

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On 19/07/2017 at 10:44 PM, bear.getting.old said:

Rubbish. What do you think people did before we were in the EU?

I quite fancy jacking it all in and living in Spain. I too was worried that although no problem I could do that now, but would they kick me out after (if) Brexit. 

Sounds as though you know something about what would happen? What actually did people do before we were in the EU? 

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